Truist Initiates Coverage On Generac With Bullish View

  • Truist analyst Tristan Richardson initiated Generac Holdings Inc. GNRC with a Buy rating and a price target of $500, implying an upside of 9.8%.
  • Richardson mentions that the company's core generator product has "strong brand recognition" and has become "widely associated with residential reliability during an outage."
  • Richardson sees Generac growth accelerating further in 2022 as quote/consultation activity has only grown in the second half of 2021, with capacity bottlenecks likely to abate. 
  • Additionally, he states that Generac has "aggressively expanded its product offerings with battery storage and products serving the residential solar space," which he sees as another opportunity for growth.
  • Price Action: GNRC shares are trading higher by 5.03% at $455.56 on the last check Friday.
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